-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fgt4VF9+Uyzn2pNh/3CeIVkRM426Nt7ld68GvtZoZq1fDKhcJp5u9pqaBvHfakDE EQJz7su8jOlI+zQQlmjBfg== 0000716039-97-000027.txt : 19970528 0000716039-97-000027.hdr.sgml : 19970528 ACCESSION NUMBER: 0000716039-97-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970523 ITEM INFORMATION: Other events FILED AS OF DATE: 19970527 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNOCAL CORP CENTRAL INDEX KEY: 0000716039 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 953825062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08483 FILM NUMBER: 97614031 BUSINESS ADDRESS: STREET 1: 2141 ROSECRANS AVE STREET 2: SUITE 4000 CITY: EL SEGUNDO STATE: CA ZIP: 90245 BUSINESS PHONE: 3107267718 8-K 1 PRESS RELEASE - EPS RESTATEMENT SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported) May 23, 1997 ------------------ UNOCAL CORPORATION - - ---------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware - - ---------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-8483 95-3825062 - - ---------------------------------------------------------------------------- (Commission File Number) (I.R.S. Employer Identification No.) 2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245 - - ---------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (310) 726-7600 - - ---------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ITEM 5. OTHER EVENTS On May 23, 1997 the following news release was issued: UNOCAL RESTATES 1996 EARNINGS PER SHARE TO REFLECT NON-CASH CHARGE RELATED TO PREFERRED EXCHANGE El Segundo, Calif., May 23, 1997 -- Unocal Corporation today announced it has restated previously reported earnings-per-common- share amounts for the third quarter and full year 1996 to reflect a non-cash reduction resulting from the September 1996 exchange of 6-1/4% Trust Convertible Preferred Securities of Unocal Capital Trust for shares of Unocal's $3.50 Convertible Preferred Stock. The restatement does not affect 1996 net earnings, cash flows or stockholders' equity amounts previously reported by the company. Unocal recently initiated discussions with the Securities and Exchange Commission (SEC) seeking clarification of a technical accounting issue regarding whether the company's interpretation of its preferred exchange transaction as a security conversion, with no impact on earnings per share, was appropriate. As a result of these discussions, the company restated earnings per share to reflect the excess of the fair value of the new preferred securities over the carrying amount of the $3.50 Preferred Stock that was received in the exchange. This amount had been properly charged to retained earnings in 1996. The company has filed with the SEC amendments to its Form 10- K report for the year ended December 31, 1996, and Form 10-Q report for the quarter ended September 30, 1996. The previously reported and the restated earnings per common share amounts for those periods are provided in the attached table. Unocal Corporation is the world's largest independent exploration and production company with reserves of more than 9.8 trillion cubic feet of natural gas equivalent (1.6 billion barrels of oil equivalent) and major oil and gas production activities in Asia and the U.S. Gulf of Mexico. News releases and other company information are available at Unocal's website, http://www.unocal.com.
EARNINGS PER SHARE AMOUNTS AS REVISED Dollars in millions except per share amounts For the year ending December 31, 1996 Previously Reported Restated --------- -------- Net earnings $ 36 $ 36 Dividends on preferred stock 18 18 Non-cash charge related to exchange of preferred stock -- 54 --------- -------- Net earnings (loss) applicable to common stock $ 18 $ (36) --------- -------- --------- -------- Earnings (loss) per share of common stock assuming no dilution: Continuing operations $ 1.76 $ 1.54 Discontinued operations (1.69) (1.69) ---------- -------- Net earnings (loss) per share $ 0.07 $ (0.15) ---------- --------- ---------- --------- For the three months ending September 30, 1996 Previously Reported Restated -------- -------- Net earnings $ 171 $ 171 Dividends on preferred stock -- -- Non-cash charge related to exchange of preferred stock -- 54 -------- -------- Net earnings (loss) applicable to common stock $ 171 $ 117 -------- -------- -------- -------- Earnings (loss) per share of common stock assuming no dilution: Continuing operations $ 0.54 $ 0.32 Discontinued operations 0.15 0.15 --------- -------- Net earnings (loss) per share $ 0.69 $ 0.47 --------- --------- --------- ---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be sigend on its behalf by the undersigned, thereunto duly authorized. UNOCAL CORPORATION (Registrant) Date: May 23, 1997 By /s/ CHARLES S. MCDOWELL -------------------------- Charles S. McDowell Vice President and Comptroller -----END PRIVACY-ENHANCED MESSAGE-----